Australian wage data is out today -- it could grow at the lowest level on record

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Today Australia’s Bureau of Statistics (ABS) will release its wage price index for the June quarter.

It’s fair to say expectations for wage growth are extremely low at present, particularly given the annual rate fell to just 2.29% in the three months to March.

It was the lowest level in the 18-year history of the survey, and likely the slowest level of growth since Australia was last in recession in 1991.

Wages in the public sector rose by 2.44%, outpacing a tiny 2.21% increase for private-sector wages.

Both, like the headline figure, were the lowest levels on record.

Looking ahead to the June quarter, expectations are equally as benign. According to a survey conducted by Bloomberg, wages are tipped to have increased by 0.6%, leaving annual growth unchanged at 2.3%.

Given benign domestic inflationary pressures, along with an unemployment rate that sits at a 13-year high, risks to these forecasts appear slanted to the downside.

Will we see a new record-low level, or is an upside surprise on the way? That question will be answered when the report drops at 11.30am AEST.

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